Legal

LandAmerica Takes $21 Million Write-Off on Fremont General Loss 

LandAmerica Financial Group, Inc. (NYSE:LFG), one of the nation’s larger real estate transaction services providers, said late Friday that it will take a non-cash write down of $21 million, or $13 million after taxes, in its Lender Services segment due to an expected loss of business from Fremont General Corporation. Fremont General’s mortgage lending segment, Fremont Investment & Loan, halted operations under an FDIC Cease & Desist order in early March. The company announced the potential sale of its business earlier this morning. As a result of the probable loss of business, LandAmerica said it had determined an impact to its customer relationship intangible asset related to the October 2003 acquisition of LandAmerica Tax and Flood Services, Inc., formerly known as LERETA Corp.